Indian Institute of Technology, Madras, here has received a funding of 228 crore from US-based industrialist and entrepreneur Dr Krishna Chivukula, officials said on Tuesday.
It is considered to be one of the single largest donations received by IIT Madras, which would utilize the funds for taking up various initiatives, the institute's Director V Kamakoti said here.
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“Nearly after 53 years, our alumni Dr Krishna Chivukula, has come to give 228 crore as an endowment to IIT-Madras. He had studied M Tech in aerospace engineering during the 1970s and has established companies which are engaged in manufacture of components for aeroplanes,” Kamakoti told reporters.
“This is one among the single largest endowments that has been received by IIT Madras in its history,” he said on the fund received from Chivukula.
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IIT Madras officials said the institute raised funding of 513 crore during 2023-24 which is a 135 per cent increase received from the previous financial year.
The total amount raised through alumni alone during 2023-24 was 367 crore which is also an increase of 282 per cent over the previous year.
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As part of recognizing the contribution of Chivukula, IIT Madras has established the Krishna Chivukula Block on its sprawling campus at Adyar here.
In 2015, IIT Madras recognized the professional excellence and contributions of Chivukula by conferring the “Distinguished Alumnus Award.'
Chivukula, studied in a Telugu medium school up to class 8, pursued M Tech in Aerospace Engineering at IIT Madras and later did his Masters in Business Administration in Harvard University.
Chivukula had set up his company, Indo-US MIM (Metal Injection Molding) in the United States with a projected revenue of 1,000 crores.
The other company set up by Chivukula is Shiva Technologies Inc engaged in specializing in advanced mass spectroscopy, officials said.
IIT Madras officials said the funding received from Chivukula would be used for multiple purposes including supporting international students, particularly from SAARC countries, to study at IIT Madras through scholarships.
The institute would also roll out Research Excellent Grant Programme, an under-graduate fellowship program for freshers, sports scholar programs and would also utilize the funds received for its monthly magazine “Shaastra” among other activities.
Kamakoti said the Cauvery hostel at the campus where Dr Chivukula stayed during his college days, was recently renovated and recalled that he had stayed in the same hostel when he did his degree at IIT Madras.
Chivukula said during his stay in the United States various successful business leaders had donated funds to universities where they pursued their education and this triggered him to contribute to IIT Madras.
“In (the United States of) America, there is so much philanthropy in sectors like education, health…,” he added.
Recalling that he hailed from a 'not-so-rich' family when he joined IIT Madras, Chivukula said his education at IIT Madras laid the foundation for him to enter into another prestigious university – Harvard.
And this prompted him to contribute back to IIT Madras, he said.
To a query, Dr Chivukula said he wanted to increase the investments made in India.
IIT Madras Dean (Alumni and Corporate Relations) Mahesh Panchagnula, Office of the institutional Advancement, CEO, Kaviraj Nair were also present on the occasion.
